BOA and CCO Mortgage short sale
I have just received and approval on a short sale with CCO Mortgage...
CCO Mortgage is the 2nd lien holder and BOA is the 1st lien holder.
The contract is for $170,000 and the payoff for BOA is $137,517.71 and the payoff for CCO Mortgage is $28,900. WE are really only short on the 2nd mortgage.
MY pre-lim HUD gave a total payoff for BOA and CCO Mortgage would get $14,647.50. Commission was at 6% and the buyer was asking for 3% of closing costs and prepaids to be paid by seller or 3rd party.
Well neither 3rd party or sellers will pay the 3%=$5100. CCO Mortgage is telling me that they don't care how the 3% seller concessions is paid, they (CCO Mortgage) want to net $21,579. So if I want the contract to work she said the seller, buyer or real estate agents would need to pay the 3% back for seller concessions. Well not going to happen if Real Estate agents pay...ridiculous.
I have a payoff letter from BOA for the $137,517.71. But now the real estate agent on the other side is stating that I have to run the short sale thru the first mortgage BOA, because the title company won't close on the contract if not OK'd by first mortgage. I keep telling her that we aren't short on the first only the second. I explained I have a payoff letter for the first mortgage.
What do you all think? Do I need something from BOA approving the short sale even though with this contract price they would get paid in full? I was told in one discussion not needed to go through BOA.
Any thoughts? Also what do you think about CCO Mortgage not giving up the $5100 for seller concessions? Plus CCO Mortgage only gave me 7 days to complete the sale! Crazy!
I think they are going to have more of an issue and get less money down the road if they don't work with this contract. I also explained that to the negotiator and processor.
Your help is greatly appreciated.
Patty Henry
Replies to This Discussion
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Permalink Reply by Patricia Henry on
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We are only really short on the transaction portion of the sale of this home, taxes, real estate commission, transfer taxes, etc. So really a simple sale and probably the most these banks would get for this property.
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